UAE hikes petrol prices for July 2021
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UAE hikes petrol prices for July 2021

UAE hikes petrol prices for July 2021

The increase marks the fifth consecutive month of rising fuel prices in the country

The UAE has hiked petrol prices in the country for July – marking the fifth consecutive month of increasing prices.

The price of Super 98 petrol in the UAE has increased by 3.8 per cent to Dhs2.47 per litre, up from Dhs2.38 in June, while the price of Special 95 petrol has been hiked by 3.5 per cent to Dhs2.35 per litre compared to Dhs2.27 last month.

The cost of E-Plus 91 has been revised to Dhs2.28 a litre, up 4 per cent from Dhs2.19 in June

The UAE fuel price committee also announced a 5 per cent increase in the price of diesel to Dhs2.42 a litre, up from Dhs2.30 last month.

Oil prices have climbed nearly 50% this year as key economies such as the U.S., U.K. and China have reopened, buoyed by mass vaccination campaigns. Crude stockpiles in China, the world’s biggest importer of crude, have dwindled to the lowest this year. As India emerges from a deadly coronavirus surge, an uptick in local fuel consumption has prompted the nation’s biggest refiner to boost production.

At the start of the OPEC+ alliance meeting on Tuesday, Secretary-General Mohammad Barkindo praised the market’s strong fundamentals but cautioned that it’s “not completely out of the woods yet.” The 23-nation alliance expects that the market will remain in deficit this year if it keeps production steady, according to data that technical experts will review on Tuesday ahead of the coalition’s main meeting later in the week.

The alliance is expected to revive some of the halted oil supplies it shuttered when demand collapsed, though analysts widely expect a modest increase. It may boost daily output by 500,000 to 1 million barrels a day, RBC Capital Markets said in a note.

With inputs from Bloomberg 

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